S&P 500, Dow Jones Slid From Peaks Amid Sell-Off in Old Economy Sectors, Mounting Geopolitical Crisis

05:12 PM EST, 01/07/2026 (MT Newswires) -- US equity indexes closed mixed on Wednesday, with the S&P 500 and the Dow Jones Industrial Average retreating from record levels amid a sharp sell-off in utilities, industrials, and materials, as well as a worsening geopolitical crisis.

The Dow, which hit a new all-time peak intraday, closed 0.9% lower at 48,996.08. The S&P 500 fell 0.3% to 6,920.93, also retreating from a record clocked earlier in the session. The Nasdaq Composite rose 0.2% to 23,584.28, off session highs.

Financials and energy were also among the steepest decliners, with utilities' 2.5% slump leading the pack. Healthcare, communication services, and technology were the only ones to post a gain.

The US seized a Russian-flagged oil tanker linked to Venezuela after tracking it across the Atlantic, CNN reported Wednesday. Earlier this morning, the US captured another Venezuela-linked vessel in the Caribbean, the news report said, adding Moscow condemned the US move.

West Texas Intermediate crude oil futures slumped 1.4% to $56.32 a barrel.

President Donald Trump, in a recent social media post, said a deal has been reached with Venezuela's interim authorities to transfer between 30 and 50 million barrels of "high-quality, sanctioned oil" to the US. Trump said the proceeds from the millions of barrels turned over would be "shared between them," and demanded the South American nation cut ties with China, Russia, Iran, and Cuba, Saxo Bank analysts said in a note.

Meanwhile, US job openings fell to 7.146 million in November, according to the Bureau of Labor Statistics, below the 7.648 million expected in a survey compiled by Bloomberg and down from the 7.449 million in October.

ADP's monthly measure of private payrolls showed a 41,000 increase in December, below expectations compiled by Bloomberg for a gain of 50,000. The latest print followed an upwardly revised reduction of 29,000 jobs in November.

The Institute for Supply Management's US services index rose to 54.4 in December from 52.6 in November, compared with expectations for 52.2 in a Bloomberg-compiled survey.

Most US Treasury yields fell intraday, with the 10-year yield down 2.9 basis points to 4.15%.

In company news, JPMorgan Chase's (JPM) asset management unit is ending relations with proxy advisory firms immediately, according to an internal communication seen by MT Newswires. Shares of the lender dropped 2.3%, among the Dow's steepest declines.

Mobileye Global (MBLY) agreed to acquire artificial intelligence humanoid startup Mentee Robotics in a cash-and-stock deal worth an estimated $900 million. Intel (INTC) , Mobileye's largest shareholder, has approved the deal. Shares of Intel (INTC) jumped 6.5%, the top gainer on the S&P 500 and the Nasdaq.

Amgen (AMGN) jumped 3.5%, the Dow's top performer, after UBS upgraded the pharmaceutical giant's shares to buy from neutral. UBS also raised the price target to $380 from $317.

In precious metals markets, silver futures slid 3.9% to $77.91 per troy ounce, and gold futures declined 0.7% to $4,463.10, taking a breather following recent gains.

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